Cost Inflation Index for Financial Year 2015-16
Cost Inflation Index for Financial Year 2015-16 ‘1081’ is notified as Cost Inflation Index for Financial Year 2015-16 Click for Notification
Monthly Archives: July 2015
PAN of shareholder in Government Company
PAN of shareholder in Government Company Query: In case of a Government Company, the shares are held by the Government of India in the name of the Hon’ble President of India. As per the Business Rules, either CIN of shareholder or PAN of shareholder is Mandatory in case Country of incorporation or residence of shareholder is India.… Read More »
SECRETARIAL STANDARD 2
SECRETARIAL STANDARD 2 (GENERAL MEETINGS) brief analysis Secretarial Standards issued by ICSI which are effective w.e.f 1st July, 2015. Ø Notice in writing of every Meeting shall be given to every Member of the company. Such Notice shall also be given to the Directors and Auditors of the company, to the Secretarial Auditor, to Debenture Trustees, if any,… Read More »
Cash deposits in saving bank account held as unexplained
Cash deposits in saving bank account held as unexplained as assessee failed to prove source of deposits. HIGH COURT OF CALCUTTA Sushil Modi v. Commissioner of Income-tax, Central-II GIRISH CHANDRA GUPTA AND ARINDAM SINHA, JJ. IT APPEAL NO.52 OF 2003 APRIL 1, 2015 Section 69 of the Income-tax Act, 1961 – Unexplained investment (Deposits) – Block… Read More »
last date of in filing of forms MGT-7 and AOC-4
last date of in filing of forms MGT-7 and AOC-4 MCA has released the General Circular No. 10/2015 w.r.t Relaxation of additional fees and extension of last date of in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013 Click to View the circular
condonation of delay in filing board resolution
Query: Could you please suggest me the form required to be filed with RoC for condonation of delay in filing board resolution under section 179 beyond 300 days. Answer: You are required to file Form CG-1 for filing Condonation of delay with the Registrar of Companies.
Service Charge is Not Service Tax
Finance Ministry Clarified that Service Charge is Not Service Tax FINANCE MINISTRY’S CLARIFICATION ON SERVICE CHARGES COLLECTED BY RESTAURANTS/HOTELS/EATERIES PRESS RELEASE, DATED 14-7-2015 Some restaurants/hotels/eateries besides charging for the food and beverages are also charging ‘service charges’ in their bills. The proceeds of the ‘service charges’ are retained by the restaurants/hotels/eateries. Some of the consumers… Read More »
Confidentiality of Taxpayer
SECTION 119 OF THE INCOME-TAX ACT, 1961 – INCOME-TAX AUTHORITIES – INSTRUCTIONS TO SUBORDINATE AUTHORITIES – INFORMATION SECURITY GUIDELINES CISO INSTRUCTION NO.1 [F.NO.500/62/2015-FTTR-III], DATED 10-7-2015 Confidentiality of Taxpayer information has always been a fundamental cornerstone of tax systems. The tax administration is obliged to keep the information submitted by the taxpayers, including their sensitive financial… Read More »
Partnership firm can invest in a company
Partnership firm can invest in a company Query: We have a query that can a partnership firm invests in equity shares of a company. If yes, then what are the relevant provisions? Answer: Partnership firm cannot hold shares in its name as firm is not an entity or artificial person. However Partners of the firm can hold shares in the company… Read More »
Highlights of Report of Rajya Sabha Panel on GST Bill
Highlights of Report of Rajya Sabha Panel on GST Bill Band for GST-rates The Bill empowered GST Council to make recommendations for the rates of goods and service tax including floor rates with bands. The Committee recommended that the word ‘band’ may be defined in GST laws as following: “Band”: Range of GST rates over… Read More »